HM Treasury is seeking views on an Office of Tax Simplification proposal for relief against tax charges arising on the disincorporation of a business.
Five thousand homes, each worth more than £2m, are held through corporate structures that allow the owners to avoid UK taxes, according to unpublished government estimates obtained by Exaro.
Organisations representing ‘over 1,000 civil society groups’ have called for a new standard requiring companies to disclose publicly their ultimate or beneficial owner.
The government has received EC state aid approval for changes announced at Budget 2012 to the Enterprise Investment Scheme and the Venture Capital Trust scheme, increasing:
An IT consultant has been jailed for five years for what HMRC described as a ‘deliberate and systematic fraud’.
‘The spotlight will again fall on [Dave Hartnett] on 14 June when Sir Andrew Park ... is due to issue a report to the National Audit Office on the “reasonableness” of five of the largest recent settlements between the tax department and big business. UK Uncut, a grass roots pressure group ...
A planned consultation on options for integrating the operation of income tax and NICs will not be held until after the summer, the government has announced.
The government is consulting on a new annual charge on residential properties valued over £2m owned by certain ‘non-natural’ persons, and a proposed extension of capital gains tax to the disposal by non-resident, non-natural persons of residential property for more than £2m.
Six new HMRC taskforces – specialist teams that undertake ‘intensive bursts of activity’ in high risk trade sectors and locations – are expected to recover tax of more than £23m, the department announced.
HMRC has launched a ‘technical consultation’ on changes to the VAT invoice rules. EU Council Directive 2010/45/EU requires member states to change national legislation by 1 January 2013. Its aim is to reduce the administrative burdens imposed on EU businesses, HMRC said.